How Will The US Upcoming Fed Rate Cut Impact Bitcoin? QCP Analysts Weigh In
30 Agosto 2024 - 9:30PM
NEWSBTC
As the United States Federal rate cut is fast approaching, analysts
at QCP Capital, a global digital asset trading firm and market
maker has now shared their prediction on how this development could
impact Bitcoin price. According to the analysts, the upcoming U.S.
non-farm payroll report and Friday’s GDP data will play crucial
roles in shaping Bitcoin market sentiment. Notably, these economic
indicators are expected to offer greater clarity on whether the
Federal Reserve will commence a rate-cutting cycle in its next
Federal Open Market Committee (FOMC) meeting on September 18.
Related Reading: Bitcoin Open Interest Is Shooting Up: Will Shorts
Be Rekt This Time? Economic Data To Influence Bitcoin’s Market
Movements The QCP analysts has revealed that the anticipation of
these events has led to cautious positioning among market
participants, therefore this signals a potential “subdued
volatility” for Bitcoin in the near term. Scheduled for release by
September 6, the United States non-farm payrolls report is one the
major economic metric that could very well influence the Federal
Reserve’s interest rate decisions. The previous report earlier this
month showed a rise in the US unemployment rate from 4.1% to 4.3%,
which triggered a noticeable plunge in the global financial market.
Notably, this increase raised concerns that the Fed might be
falling behind in its efforts to adjust rates accordingly. In
addition to the payroll data, today’s upcoming US GDP report could
also affect Bitcoin’s price performance, although QCP Capital
analysts believe its impact on the cryptocurrency market may be
limited. The analysts noted: Tonight’s US GDP report is likely to
be a non-event for crypto, especially if it reinforces the ongoing
narrative of a slowing US economy. Bitcoin Market Performance And
Price Action Outlook Amid these upcoming economic developments,
Bitcoin has returned to a bearish trend after briefly recovering to
over $61,000 yesterday. Currently, Bitcoin is trading at $58,285,
marking a 4.3% decline in the past 24 hours. This drop has prompted
various market analysts to offer their updated insights on the
asset’s short-term prospects. For instance, Elja Boom, a well-known
crypto analyst on X, commented on the ongoing consolidation,
stating: No signs of breakout yet. Consolidation could happen till
October before breakout. I’m confident of a breakout in Q4 but
before that, there’ll be some more choppiness. Meanwhile, another
analyst, known as ‘Titan of Crypto’ on X, provided a short-term
update, highlighting a key resistance level. The analyst
highlighted the $59,600 price mark as a major level for Bitcoin.
Related Reading: Bitcoin ‘Must Do This Now’, Says Crypto Analyst
According to the analyst, should Bitcoin reclaim this price levels
and breaks through the cloud twist, “the clouds would flip from
resistance to support” and this might just result in a major rally
to the upside for Bitcoin. #Bitcoin Short Term Update 💥 If #BTC
reclaims $59,600 and breaks through the cloud twist, the clouds
would flip from resistance to support. This might trigger an upward
move. 📈 pic.twitter.com/1XdS3zeBCZ — Titan of Crypto (@Washigorira)
August 30, 2024 Featured image created with DALL-E, Chart from
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